How to select the Perfect Inventory management software for your pharmacy or patent medicine store

An inventory management software is the game-changer you need to set your pharmacy or patent medicine store apart. It will help you adapt to the challenges that accompany operating a pharmacy or patent medicine store.

Many see inventory management software erroneously as a quick fix. While an inventory software manager will help you minimize the stress of running your pharmacy or patent medicine store, it could be your worst nightmare if you do not select the perfect one.

Inventory management encompasses the entire supply chain even till the point of sale. When you overstock or do not keep enough inventory, it can either strap cash and lower profit or save cost and enhance bottom lines when properly handled.

What is Inventory Management Software?

A software that assists you in managing inventory. It tracks orders, monitors supply chains, and automates processes like medication administration and prescription processing. An inventory management software helps you understand what you have and how best to manage it.

Common challenges an Inventory Management Software can fix

Businesses in the past tried preventing inventory problems by performing physical counts in the warehouse and then reconciling those counts which were time-consuming and error-prone.

These challenges include;

• Medication classification and selection.
• Changing customer demand.
• Manual documentation.
• Overstocking.

Features of a Good Inventory Management Software

• Prescription management

This aids the organization of different prescriptions and over-the-counter stock to keep inventory at optimal levels

• Inventory management

This assists in making data-driven decisions, providing notifications with recommendations on how to obtain adequate supplies, and identifying prescription filling so that demand is constantly met without incurring unnecessary costs.

• Dispense workflow management

This eliminates dispense errors that can lead to wrong drug interchange. A typical dispensing workflow uses different features such as prescription interpretation and data entry, drug information accuracy, and medication issuance with counselling.

• Data Analytics

Data analytics helps to sort out structured and unstructured data sets to provide updated information. Data analytics will assist you in pinpointing sales trends in medications and other pharmaceutical products so you can adjust stock levels in anticipation of high sales periods.

How to select the perfect Inventory Management Software

With the various inventory management software available, the propensity to purchase the wrong software is high. The wrong software is not faulty or low in standard, it is just not the right choice for your pharmacy or patent medicine store. Different inventory management software target different businesses. You cannot purchase inventory management software that is exclusively designed for a manufacturing business and attempt to use it in your pharmacy or patent medicine store. It will result in more challenges.

You can select the perfect software by considering these;

1. Pharmacy or patent medicine store requirements: Requirements include targets and goals. You need to highlight the challenges you are encountering in managing inventory and the solutions required to fix them.
2. Software cost: You need to assess your finances before investing in inventory management software to choose the one that best suits your budget.
3. Accessibility: You need to inquire if the software is mobile-friendly and how many users can implement it, whether it is a web-based or an on-site system.
4. Usability: This determines how well your staff can utilize the software effectively and how much time would be required for your staff to learn the ropes. Better an easy-to-use software than a complex counterpart.
5. Customer support services: Irrespective of how tech-savvy you might be. It is, nonetheless, beneficial to have access to customer service. Look for inventory management software that offers 24/7 support, whether you’re having problems or need assistance setting up the system.

Inventory management software should be able to adapt to your specific demands. As a result, you’ll be able to adjust costs, inventory, employment status, etc. Above all, you should be able to control this from a location other than your pharmacy or patent medicine store. Are you struggling with selecting the perfect inventory software? It can be tough with so many available options. We have crafted this article to help you choose the perfect inventory management software for your pharmacy or patent medicine store.

Remedial Rx

You can streamline your pharmacy or patent medicine store’s operations through the Remedial Rx app. Download here to access this easy-to-use app. Remedial Rx reduces costs, paper, and time spent in running your day-to-day pharmacy or patent medicine store’s operations.

It allows you access to unique features that will provide digital and electronic assistance while sorting data and ensuring accuracy.

Remedial Rx will help you;

• Manage your pharmacy: With Remedial Rx you can manage sales, employees, inventory, and accounting in a single platform. No need for tedious Excel spreadsheets that cause user errors leading to flawed data.
• Process error-free orders: Remedial Rx will assist you in validating orders against original prescriptions from clinics and hospitals and safely distributing medications using a unique barcode validation for similar medications or products.
• Automate stock replenishment: This Remedial Rx feature automatically helps you restock once the set benchmark is met.
• Simplify patient communication: Patients can use the chat feature on Remedial Rx to order medications, reconcile on arrival and receive order notifications through the integrated SMS services.
• Procure Medicines at discounted rates: You can procure medicines at discounted rates and sell them at competitive or at market prices. With Remedial Rx, you bypass multiple middlemen, avoid outrageous delivery and transportation costs, enjoy the best direct-from-manufacturer rates, and make profits. Download Remedial Rx now.
• Minimize lead time: Satisfy customers and turn prospective customers into loyal ones with the 24-hour delivery rate when you order via Remedial Rx.

Closing Thoughts

The perfect inventory management software provides technological solutions to challenges in your pharmacy or patent medicine store. It will not only assist in sales but help you get critical reports, including drill-down reporting. Remedial Rx will help you achieve these and give you visibility into your activities to run your business efficiently. Download Remedial Rx to get started.